Hemisphere Media (HMTV) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-35886
Entity Registrant Name	Hemisphere Media Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0885255
Entity Address, Address Line One	4000 Ponce de Leon
Entity Address, Address Line Two	Boulevard
Entity Address, Address Line Three	Suite 650
Entity Address, City or Town	Coral Gables
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33146
City Area Code	305
Local Phone Number	421-6364
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001567345
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Trading Symbol	HMTV
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		20,680,326
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		19,720,381

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash	$ 37,329	$ 49,477
Accounts receivable, net of allowance for doubtful accounts of $782 and $771, respectively	34,637	33,738
Due from related parties	1,741	925
Programming rights	10,801	10,938
Prepaid expenses	7,755	7,767
Other current assets	24,987	23,519
Total current assets	117,250	126,364
Programming rights, net of current portion	26,720	20,955
Property and equipment, net	31,558	31,554
Operating lease right-of-use assets	1,973	1,281
Broadcast license	41,356	41,356
Goodwill	231,710	231,710
Other intangibles, net	108,866	115,110
Equity method investments	19,655	24,171
Other assets	7,445	7,410
Total Assets	586,533	599,911
Current Liabilities
Accounts payable	12,629	11,533
Due to related parties	2,055	1,383
Accrued agency commissions	7,427	7,729
Accrued compensation and benefits	4,216	7,031
Accrued marketing	12,044	10,526
Other accrued expenses	11,291	10,418
Deferred revenue	8,035	7,400
Programming rights payable	13,242	13,242
Income taxes payable	582	1,353
Current portion of long-term debt	2,656	2,656
Total current liabilities	74,177	73,271
Programming rights payable, net of current portion	2,085	2,820
Long-term debt, net of current portion	246,575	246,919
Deferred income taxes	20,737	22,427
Defined benefit pension obligation	2,940	2,895
Other long-term liabilities	2,039	2,031
Total Liabilities	348,553	350,363
Stockholders' Equity
Additional paid-in capital	290,077	288,703
Retained earnings	13,124	26,352
Accumulated other comprehensive loss	(395)	(732)
Total Stockholders' Equity	237,980	249,548
Total Liabilities and Stockholders' Equity	586,533	599,911
Common Class A
Stockholders' Equity
Common stock	3	3
Class A treasury stock, at cost; 6,010,205 and 6,003,139 at March 31, 2022 and December 31, 2021, respectively	(64,831)	(64,780)
Common Class B
Stockholders' Equity
Common stock	$ 2	$ 2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts receivable, allowance for doubtful accounts	$ 782	$ 771
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	26,080,062	25,999,998
Treasury stock, shares	6,010,205	6,003,139
Common Class B
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	33,000,000	33,000,000
Common stock, shares issued	19,720,381	19,720,381

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Operations
Net revenues	$ 48,799	$ 37,577
Operating Expenses:
Cost of revenues	15,125	11,779
Selling, general and administrative	30,658	11,391
Depreciation and amortization	7,629	2,665
Other expenses	1,118	6,728
Gain from FCC spectrum repack and other	(46)	(52)
Total operating expenses	54,484	32,511
Operating (loss) income	(5,685)	5,066
Other (expense) income:
Interest expense and other, net	(3,164)	(2,358)
(Loss) gain on equity method investment activity	(4,772)	32,609
Other expense, net		(668)
Total other (expense) income	(7,936)	29,583
(Loss) income before income taxes	(13,621)	34,649
Income tax benefit (expense)	393	(1,268)
Net (loss) income	(13,228)	33,381
Net income attributable to non-controlling interest		(23)
Net (loss) income attributable to Hemisphere Media Group, Inc.	$ (13,228)	$ 33,358
(Loss) income per share attributable to Hemisphere Media Group, Inc.:
Basic	$ (0.33)	$ 0.85
Diluted	$ (0.33)	$ 0.84
Weighted average shares outstanding:
Basic	39,730	39,380
Diluted	39,730	39,756

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statement of Comprehensive (Loss) Income
Net (loss) income	$ (13,228)	$ 33,381
Other comprehensive income (loss):
Change in fair value of interest rate swap, net of income taxes	337	344
Comprehensive (loss) income	(12,891)	33,725
Comprehensive income attributable to non-controlling interest		(23)
Comprehensive (loss) income attributable to Hemisphere Media Group	$ (12,891)	$ 33,702

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common StockCommon Class A	Common StockCommon Class B	Additional Paid-in Capital	Treasury StockCommon Class A	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interest	Total
Balance at the beginning of the period at Dec. 31, 2020	$ 3	$ 2	$ 279,800	$ (61,453)	$ 14,840	$ (2,187)	$ 481	$ 231,486
Balance at the beginning of the period (in shares) at Dec. 31, 2020	25,458	19,720
Condensed Consolidated Statements of Changes in Stockholders' Equity
Net income (loss)					33,358		23	33,381
Vesting of restricted stock	$ 0			(10)				(10)
Vesting of restricted stock (in shares)	3
Repurchases of Class A Common Stock				(1,321)				(1,321)
Stock-based compensation			1,305					1,305
Issuance of Class A Common Stock	$ 0		2,778	(1,077)				1,701
Issuance of Class A Common Stock (in shares)	238
Exercise of stock options	$ 0		0	(43)				(43)
Exercise of stock options (in shares)	13
Other comprehensive loss, net of tax						344		344
Balance at the end of the period at Mar. 31, 2021	$ 3	$ 2	283,883	(63,904)	48,198	(1,843)	$ 504	266,843
Balance at the end of the period (in shares) at Mar. 31, 2021	25,712	19,720
Balance at the beginning of the period at Dec. 31, 2021	$ 3	$ 2	288,703	(64,780)	26,352	(732)		249,548
Balance at the beginning of the period (in shares) at Dec. 31, 2021	26,000	19,720
Condensed Consolidated Statements of Changes in Stockholders' Equity
Net income (loss)					(13,228)			(13,228)
Vesting of restricted stock	$ 0			(51)				(51)
Vesting of restricted stock (in shares)	80
Stock-based compensation			1,374					1,374
Other comprehensive loss, net of tax						337		337
Balance at the end of the period at Mar. 31, 2022	$ 3	$ 2	$ 290,077	$ (64,831)	$ 13,124	$ (395)		$ 237,980
Balance at the end of the period (in shares) at Mar. 31, 2022	26,080	19,720

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of Net (Loss) Income to Net Cash (Used In) Provided by Operating Activities:
Net (loss) income	$ (13,228)	$ 33,381
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	7,629	2,665
Programming amortization	3,712	3,688
Amortization of deferred financing costs and original issue discount	381	148
Stock-based compensation	1,374	1,305
Provision for bad debts	12	24
Gain from FCC spectrum repack and other	(46)	(52)
Deferred income tax (benefit)	(1,792)
Loss (gain) on equity method investment activity	4,772	(32,609)
Amortization of operating lease right-of-use assets	171	120
Other non-cash acquisition charges		1,258
(Increase) decrease in:
Accounts receivable	(911)	5,679
Due from related parties, net	(144)	39
Programming rights	(9,340)	1,313
Prepaids and other assets	(2,415)	(4,091)
(Decrease) increase in:
Accounts payable	1,096	667
Other accrued expenses	(91)	3,799
Programming rights payable	(735)	(87)
Income taxes payable	(771)	631
Other liabilities	492	(100)
Net cash (used in) provided by operating activities	(9,834)	17,778
Cash Flows From Investing Activities:
Funding of equity method investments	(256)	(861)
Capital expenditures	(1,369)	(2,413)
Net cash of acquired business		984
FCC spectrum repack proceeds	26	52
Net cash used in investing activities	(1,599)	(2,238)
Cash Flows From Financing Activities:
Repayments of long-term debt	(664)	(534)
Purchases of common stock	(51)	(2,451)
Proceeds from incremental term loan		48,000
Payment of financing fees		(638)
Net cash (used in) provided by financing activities	(715)	44,377
Net (decrease) increase in cash	(12,148)	59,917
Cash:
Beginning	49,477	134,471
Ending	37,329	194,388
Cash payments for:
Interest	2,737	2,301
Income taxes	$ 999
Non-cash investing activity (acquisition related):
Payable for acquisition of Pantaya		123,605
Issuance of Class A Common Stock		2,188
Effective settlement of pre-existing receivables and payables, net		$ 1,709

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2022
Nature of Business
Nature of Business	Note 1. Nature of Business ​ Nature of business: ​ Prior to March 31, 2021, the Company owned a 25% equity interest in Pantaya, which was accounted for as an equity method investment. On March 31, 2021 (“Acquisition Date”), the Company acquired the remaining 75% equity interest in Pantaya (the “Pantaya Acquisition”), for a cash purchase price of $123.6 million. As a result of the acquisition, Pantaya is now a wholly owned consolidated subsidiary. The Company accounted for the acquisition of the 75% equity interest of Pantaya as a step acquisition, which required remeasurement of the Company’s existing 25% ownership in Pantaya to fair value prior to completing the acquisition method of accounting. Using step acquisition accounting, the Company increased the value of its existing equity interest to fair value resulting in the recognition of a non-cash gain of $30.1 million, which was included in (loss) gain on equity method investment activity in the accompanying Condensed Consolidated Statement of Operations for the three months ended March 31, 2021. ​ Basis of presentation: ​ Net (loss) income per common share: ​ The following table sets forth the computation of the common shares outstanding used in determining basic and diluted (loss) income per share attributable to Hemisphere Media Group, Inc. ( amounts in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Numerator for (loss) income per common share calculation: ​ ​ ​ ​ ​ ​ Net (loss) income attributable to Hemisphere Media Group, Inc. ​ $ (13,228) ​ $ 33,358 ​ ​ ​ ​ ​ ​ ​ Denominator for (loss) income per common share calculation: ​ ​ ​ ​ ​ ​ Weighted-average common shares, basic ​ 39,730 ​ 39,380 Effect of dilutive securities ​ ​ ​ ​ ​ ​ Stock options and restricted stock ​ — ​ 376 Weighted-average common shares, diluted ​ 39,730 ​ 39,756 ​ ​ ​ ​ ​ ​ ​ (Loss) income per share attributable to Hemisphere Media Group, Inc. ​ ​ ​ ​ ​ ​ Basic ​ $ (0.33) ​ $ 0.85 Diluted ​ $ (0.33) ​ $ 0.84 ​ We apply the treasury stock method to measure the dilutive effect of our outstanding stock options and restricted stock awards and include the respective common share equivalents in the denominator of our diluted loss per common share calculation. Per the Accounting Standards Codification (“ASC”) 260, under the treasury stock method, the incremental shares (difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted income per share computation (ASC 260-10-45-23). The assumed exercise only occurs when the options are “In the Money” (exercise price is lower than the average market price for the period). If the options are “Out of the Money” (exercise price is higher than the average market price for the period), the exercise is not assumed since the result would be anti-dilutive. Potentially dilutive securities representing 4.1 and 2.5 million shares of common stock for the three months ended March 31, 2022 and 2021, respectively, were excluded from the computation of diluted (loss) income per common share for this period because their effect would have been anti-dilutive. The net (loss) income per share attributable to Hemisphere Media Group, Inc. amounts are the same for our Class A and Class B common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. ​ As a result of the net loss for the three months ended March 31, 2022, 0.2 million outstanding awards were not included in the computation of diluted loss per share because their effect was anti-dilutive. ​ Use of estimates: ​ Accounting guidance not yet adopted: ASU 2020-04-Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue Recognition
Revenue Recognition	Note 2. Revenue Recognition ​ The following is a description of principal activities from which we generate our revenue: ​ Subscriber revenue: ​ Advertising revenue: ​ Other revenue: ​ The following table presents the revenues disaggregated by revenue source (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, Revenues by type 2022 2021 Subscriber revenue ​ $ 32,209 ​ $ 19,949 Advertising revenue ​ 15,970 ​ 15,906 Other revenue ​ 620 ​ 1,722 Total revenue ​ $ 48,799 ​ $ 37,577 ​ Deferred Revenue:

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions
Related Party Transactions	Note 3. Related Party Transactions ​ The Company has various agreements with MVS, a Mexican media and television conglomerate, which has directors and stockholders in common with the Company as follows: ​ ● MVS provides Cinelatino with satellite and support services including origination, uplinking and satellite delivery of two feeds of Cinelatino’s channel (for U.S. and Latin America), master control and monitoring, dubbing, subtitling and closed captioning, and other support services. Expenses incurred under this agreement are included in cost of revenues in the accompanying Condensed Consolidated Statements of Operations. Total expenses incurred were $0.6 million for each of the three months ended March 31, 2022 and 2021. Amounts due to MVS pursuant to the agreements noted above amounted to $0.9 million and $0.4 million as of March 31, 2022 and December 31, 2021, respectively. ​ ● Dish Mexico (d/b/a Comercializadora de Frecuencias Satelitales, S. de R.L. de C.V.), an MVS affiliate that operates a subscription satellite television service throughout Mexico and distributes Cinelatino as part of its service. Total revenues recognized were $0.2 million and $0.3 million for the three months ended March 31, 2022 and 2021, respectively. Amounts due from Dish Mexico amounted to $0.2 million and $0.1 million as of March 31,2022 and December 31, 2021, respectively. ​ ● MVS has the non-exclusive right to duplicate, distribute and exhibit Cinelatino’s service via cable, satellite or by any other means in Mexico. Cinelatino receives revenues net of MVS’s distribution fee, which is equal to 13.5% of all license fees collected from third party distributors managed but not owned by MVS. Total revenues recognized were $0.1 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively. Amounts due from MVS pursuant to the agreements noted above amounted to $0.1 million and $0.0 million as of March 31, 2022 and December 31, 2021, respectively. ​ The Company has various agreements with TelevisaUnivision (including its various divisions and affiliates), which has directors in common with the Company (who may hold a material financial interest in TelevisaUnivision). ​ ● Pantaya has an agreement for the purchase of advertising on TelevisaUnivision’s television and radio properties. Expenses under this agreement are included in selling, general and administrative expenses in the accompanying Condensed Consolidated Statement of Operations. Total expenses incurred were $0 million for the three months ended March 31, 2022 and 2021. Amounts due to TelevisaUnivision pursuant to this agreement totaled $0 million and $0.1 million as of March 31, 2022 and December 31, 2021, respectively. The Company had remaining commitments of $4.0 million as of March 31, 2022 which is included in Note 13, “Commitments” of Notes to Condensed Consolidated Financial Statements. ​ ● Pantaya has various content output agreements with Videocine, S.A. de C.V. (“Videocine”), a division of TelevisaUnivision pursuant to which Pantaya licenses content from Videocine or licenses content to Videocine. There were no revenues earned or expenses incurred under these agreements for the three months ended March 31, 2022 and 2021. Deferred revenue related to the agreements was $2.5 million as of March 31, 2022 and December 31, 2021. Amounts due from Videocine pursuant to the agreements noted above amounted to $0.3 million and $0.6 million as of March 31, 2022 and December 31, 2021, respectively. Amounts due to Videocine pursuant to the agreements noted above amounted to $1.2 million and $0.9 million as of March 31, 2022 and December 31, 2021, respectively. ​ ● The Company has various licensing agreements with TelevisaUnivision (including its various divisions and affiliates) pursuant to which the Company licenses content from TelevisaUnivision or licenses content to TelevisaUnivision. Total revenues recognized were $0.0 million for each of the three months ended March 31, 2022 and 2021. Total expenses incurred were $0.0 million for each of the three months ended March 31, 2022 and 2021, respectively. Amounts due from TelevisaUnivision pursuant to the agreements noted above amounted to $0.9 million and $0 million as of March 31, 2022 and December 31, 2021. No amounts were due to TelevisaUnivision as of March 31, 2022 and December 31, 2021. ​ The Company entered into an amended and restated consulting agreement with James M. McNamara, a member of the Company’s board of directors, on August 13, 2019, to provide the development, production and maintenance of programming, affiliate relations, identification and negotiation of carriage opportunities, and the development, identification and negotiation of new business initiatives including sponsorship, new channels, direct-to-consumer programs and other interactive initiatives. Total expenses incurred under these agreements are included in selling, general and administrative expenses in the accompanying Condensed Consolidated Statements of Operations and amounted to $0.1 million for each of the three months ended March 31, 2022 and 2021. No amounts were due to this related party as of March 31, 2022 and December 31, 2021.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 4. Goodwill and Intangible Assets ​ Goodwill and intangible assets consist of the following as of March 31, 2022 and December 31, 2021 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ December 31, ​ 2022 2021 Broadcast license ​ $ 41,356 ​ $ 41,356 Goodwill ​ 231,710 ​ 231,710 Other intangibles ​ 108,866 ​ 115,110 Total intangible assets ​ $ 381,932 ​ $ 388,176 ​ A summary of changes in the Company’s goodwill and other indefinite-lived intangible assets, on a net basis, for the three months ended March 31, 2022 is as follows (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ December 31, 2021 Additions Impairment March 31, 2022 Broadcast license ​ $ 41,356 ​ $ — ​ $ — ​ $ 41,356 Goodwill ​ 231,710 ​ — ​ — ​ 231,710 Brands ​ ​ 15,986 ​ ​ — ​ ​ — ​ ​ 15,986 Other intangibles ​ 700 ​ — ​ — ​ 700 Total indefinite-lived intangibles ​ $ 289,752 ​ $ — ​ $ — ​ $ 289,752 ​ A summary of the changes in the Company’s other amortizable intangible assets for the three months ended March 31,2022 is as follows (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ December 31, 2021 Additions Amortization March 31, 2022 Affiliate and customer relationships ​ $ 50,681 ​ $ — ​ $ (4,189) ​ $ 46,492 Programming rights ​ ​ 24,981 ​ ​ — ​ ​ (1,614) ​ ​ 23,367 Brands ​ ​ 22,762 ​ ​ 174 ​ ​ (615) ​ ​ 22,321 Total finite-lived intangibles ​ $ 98,424 ​ $ 174 ​ $ (6,418) ​ $ 92,180 ​ The aggregate amortization expense of the Company’s amortizable intangible assets was $6.4 million and $1.6 million for the three months ended March 31, 2022 and 2021, respectively. The weighted average remaining amortization period is 5.9 years at March 31, 2022. ​ Future estimated amortization expense is as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Ending December 31, Amount Remainder of 2022 ​ $ 14,972 2023 ​ 19,977 2024 ​ 19,977 2025 ​ ​ 12,546 2026 and thereafter ​ 24,708 Total ​ $ 92,180 ​

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2022
Equity Method Investments
Equity Method Investments	Note 5. Equity Method Investments ​ The Company makes investments that support its underlying business strategy and enables it to enter new markets. The Company holds equity investments in Canal 1 and Snap JV (in each case, as defined and discussed below), which are variable interest entities (“VIEs”), for which the Company is not the primary beneficiary. The primary beneficiary is the party involved with the VIE that (i) has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The activities of each VIE that most significantly impact the VIE’s economic performance are controlled by the VIE’s board of directors and the Company’s representation on the board of directors of each VIE is commensurate with its voting equity interest. As the Company does not hold a majority voting interest or disproportionate voting or other rights, it does not have the power to direct the activities that most significantly impact the economic performance of any of these VIEs. On November 30, 2016, we, in partnership with Colombian content producers, Radio Television Interamericana S.A., Compania de Medios de Informacion S.A.S. and NTC Nacional de Television y Comunicaciones S.A., were awarded a ten (10) year renewable television broadcast concession license for Canal 1 in Colombia. The partnership began operating Canal 1 on May 1, 2017. On February 7, 2018, Colombian regulatory authorities approved an increase in our ownership in the joint venture from 20% to 40%. In July 2019, the Colombian government enacted legislation resulting in the extension of the concession license for Canal 1 for an additional ten years for no additional consideration. The concession is now due to expire on April 30, 2037 and is renewable for an additional 20-year period. The joint venture is deemed a VIE that is accounted for under the equity method. As of March 31, 2022, we have funded $126.6 million in capital contributions to Canal 1. The Canal 1 joint venture losses-to-date have exceeded the capital contributions of the common equity partners and in accordance with equity method accounting, losses in excess of the common equity have been recorded against the next layer of the capital structure, in this case, preferred equity. The Company is currently the sole preferred equity holder in Canal 1 and therefore, the Company has recorded nearly 100% of the losses of the joint venture. We record the income or loss on investment on a one quarter lag. For three months ended March 31, 2022 and 2021, we recorded $4.8 million loss on equity method investment and $2.5 million in gain from equity method investment in the accompanying Condensed Consolidated Statements of Operations, respectively. The net balance recorded in equity method investments in the accompanying Condensed Consolidated Balance Sheets related to Canal 1 was $19.7 million and $24.2 million at March 31, 2022 and December 31, 2021, respectively, respectively. At March 31, 2022 and December 31, 2021, respectively, we had a receivable balance of $2.6 million, which is included in other assets in the accompanying Condensed Consolidated Balance Sheets. ​ On April 28, 2017, we acquired a 25.5% interest in REMEZCLA, a digital media company targeting English speaking and bilingual U.S. Hispanic millennials through innovative content, for $5.0 million. At March 31, 2020, given the negative impacts caused by the COVID-19 pandemic and the associated liquidity and going-concern uncertainties related to REMEZCLA, the Company determined that the investment in REMEZCLA was other-than-temporarily impaired and recorded a non-cash impairment charge of $5.5 million reflecting the write-off of the full carrying amount of our investment. The write-off was recorded in impairment of equity method investment in the Condensed Consolidated Statements of Operations. Due to the write-off of the investment carrying value, we did not record any share of the loss from the investment for the three months ended March 31,2022 and 2021. The net balance recorded in equity method investments in the accompanying Condensed Consolidated Balance Sheets was $0 million as of March 31, 2022 and December 31, 2021. ​ On November 26, 2018, Snap Media acquired a 50% interest in Snap JV, LLC (“Snap JV”) (as of July 15, 2021, the Company owns 100% of Snap Media), a newly formed joint venture with Mar Vista Entertainment, LLC (“MarVista”), to co-produce original movies and series. The investment is deemed a VIE that is accounted for under the equity method. As of March 31, 2022, we have funded $0.4 million into Snap JV. We record the income or loss on investment on a one quarter lag. For the three months ended March 31, 2022 and 2021, we have recorded $0 million in loss on equity method investments in the accompanying Condensed Consolidated Statements of Operations. The net balance recorded in equity method investments related to Snap JV was $0.0 million as of March 31, 2022 and December 31, 2021, and is included in equity method investments in the accompanying Condensed Consolidated Balance Sheets. ​ The Company records the income or loss on investments on a one quarter lag. Summary unaudited financial data for our equity investments in the aggregate as of and for the three months ended December 31, 2021, are included below (amounts in thousands): ​ ​ ​ ​ ​ ​ Total Equity Investees Current assets ​ $ 13,806 Non-current assets ​ $ 20,595 Current liabilities ​ $ 76,961 Non-current liabilities ​ $ 4,192 Net revenue ​ $ 2,991 Operating loss ​ $ (2,435) Net loss ​ $ (10,903) ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes
Income Taxes	Note 6. Income Taxes ​ The 2017 Tax Cuts and Jobs Act (“Jobs Act”) was enacted on December 22, 2017. The Jobs Act revised the U.S. corporate income tax by lowering the statutory corporate tax rate from 35% to 21% in 2018. The Company generates income in higher tax rate foreign locations, which result in foreign tax credits. The lower federal corporate tax rate reduces the likelihood of our utilization of foreign tax credits created by income taxes paid in Puerto Rico and Latin America, resulting in a valuation allowance. Additionally, the Company evaluated the potential interest limitation established under the Jobs Act and determined that it would affect the 2022 provision for income taxes. The Company has historically calculated the provision for income taxes during interim periods by applying an estimated annual effective tax rate for the full fiscal year to income (loss) before income taxes for the reporting period. Since the Company determined that relatively small changes in estimated annual income (loss) before income taxes could result in significant changes in the estimated annual effective tax rate, the Company has calculated the income tax provision using a discrete rate of 8.6% based on the actual income before income taxes for the three months ended March 31, 2022, for all jurisdictions, except for Puerto Rico, as permitted under ASC 740-270-30-36,“Income Taxes - Interim Reporting” The difference between the discrete rate of 8.6% and the statutory Federal income tax rate of 21% in the three months ended March 31, 2022, is primarily due to permanent items, foreign tax credit limitation, and limitations on the deductibility of executive compensation under Internal Revenue Code Section 162(m). The losses at Canal 1 are excluded from the provision expense since these losses create a deferred tax asset and due to the uncertainty of the realizability, the Company has recorded a full valuation allowance. The Puerto Rico jurisdiction continues to be computed utilizing an estimated annual effective rate of 25.5%.The difference between the Puerto Rico tax rate of 37.5% and the estimated annual effective rate of 25.5%,is primarily due to a reduced income tax rate in Puerto Rico on specific revenue related to local programming. ​ For the three months ended March 31, 2021 our income tax expense has been computed utilizing an estimated annual effective tax rate 47.2% for all jurisdictions. The difference between the annual effective rate of 47.2% and the statutory Federal income tax rate of 21% in the three month period ended March 31, 2021, is primarily due to the impact of the Tax Act, which impacted the valuation allowance on foreign tax credits, and limitations on the deductibility of executive compensation under Internal Revenue Code Section 162(m). The annual effective tax rate related to income generated in the U.S. is 31.8%. Due to the reduced U.S. tax rate, the Company determined that a portion of its foreign income, which is taxed at a higher rate, will result in the generation of excess foreign tax credits that will not be available to offset U.S. income tax. As a result, 15.4% of the annual effective rate relates to the required valuation allowance against the excess foreign tax credits, bringing the annual effective tax rate for the three month period ended March 31, 2021 to 47.2%. Additionally, the gain related to the step acquisition of Pantaya of $30.1 million was determined to be significant and infrequent, and as a result, this item has not been included in the annual effective tax rate. ​ Income tax benefit was $0.4 million for the three months ended March 31, 2022. Income tax expense was $1.3 million for the three months ended March 31, 2021.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Long-Term Debt
Long-Term Debt	Note 7. Long-Term Debt ​ Long-term debt as of March 31, 2022 and December 31, 2021 consists of the following (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Senior Notes due February 2024 ​ $ 249,231 ​ $ 249,575 Less: Current portion ​ 2,656 ​ 2,656 ​ ​ $ 246,575 ​ $ 246,919 ​ On February 14, 2017, Hemisphere Media Holdings, LLC (“Holdings”) and InterMedia Español, Inc. (together with Holdings, the “Borrowers”), both wholly owned, indirect subsidiaries of the Company, amended the Term Loan Facility (the “Second Amended Term Loan Facility”). The Second Amended Term Loan Facility provides for a $213.3 million senior secured term loan B facility, and matures on February 14, 2024. The Second Amended Term Loan Facility bore interest at the Borrowers’ option of either (i) London Inter-bank Offered Rate (“LIBOR”) plus a margin of 3.50% or (ii) an Alternate Base Rate (“ABR”) plus a margin of 2.50%. ​ On March 31, 2021 (the “Closing Date”), the Borrowers amended the Term Loan Facility, as previously amended (the “Third Amended Term Loan Facility”), for the borrowing of a new tranche of term loans in the aggregate principal amount of $ 50.0 million and matures on February 14, 2024. The Third Amended Term Loan Facility bears interest at the Borrowers’ option of either (i) LIBOR plus a margin of 3.50% or (ii) an ABR plus a margin of 2.50% . There is no LIBOR floor. The add-on to the term loan B facility was issued with 4.0% of original issue discount (“OID”). ​ Additionally, the Third Amended Term Loan Facility provides for a revolving loan (the “Revolving Facility”) allowing for an aggregate principal amount of up to $30.0 million. The Revolving Facility is secured on a pari passu basis by the collateral securing the Third Amended Term Loan Facility and will mature on November 15, 2023. The Revolving Facility bears interest at the Borrowers’ option of either (i) LIBOR (which will not be less than zero ) plus a margin of 2.75% or (ii) or an ABR plus a margin of 1.75% , in each case, with a 25 basis points (“bps”) step-up at a First Lien Net Leverage Ratio level of 3.50 :1.00 and two 25 bps step-downs at a First Lien Net Leverage Ratio level of 2.50 :1.00 and 1.50 :1.00. The First Lien Net Leverage Ratio limits the amount of cash netted against debt to a maximum amount of $60.0 million. The Borrowers are also required to pay a quarterly commitment fee on the undrawn balance of the Revolving Facility at 37.5 bps per annum. As of March 31, 2022, the Revolving Facility was undrawn. ​ The Third Amended Term Loan Facility does not have any maintenance covenants. The Revolving Facility will have a springing First Lien Net Leverage Ratio of no greater than 5.00:1.00, tested commencing with the last day of the fiscal quarter ending June 30, 2021, and the last day of each fiscal quarter thereafter, solely to the extent that on such day, the aggregate amount of revolving loans and letter of credit exposure (excluding up to $5.0 million of undrawn letters of credit and cash collateralized or backstopped letters of credit) exceeds 35% of the aggregate commitments under the Revolving Facility. ​ The Third Amended Term Loan Facility requires the Borrowers to make amortization payments (in quarterly installments) equal to 1.00% per annum with respect to the Third Amended Term Loan Facility with any remaining amount due at final maturity. The Third Amended Term Loan Facility principal payments commenced on June 30, 2021, with a final installment due on February 14, 2024. Voluntary prepayments are permitted, in whole or in part, subject to certain minimum prepayment requirements. ​ Within 90 days after the end of each fiscal year, the Borrowers are required to make a prepayment of the loan principal in an amount equal to a percentage of the excess cash flow of the most recently completed fiscal year. Excess cash flow is generally defined as net income plus depreciation and amortization expense, less mandatory prepayments of the term loan, income taxes and capital expenditures, and adjusted for the change in working capital. The percentage of the excess cash flow used to determine the amount of the prepayment of the loan declines from 50% to 25%, and again to 0% at lower leverage ratios. Pursuant to the terms of the Third Amended Term Loan Facility, no excess cash flow payment was due in March 2022. ​ In accordance with ASC 470 – Debt, the Incremental Facility borrowing was deemed a modification of the Second Term Loan Facility and as such, an additional $2.0 million of original issue discount (“OID”) incurred in connection with the Third Amended Term Loan Facility was added to the existing OID.As of March 31,2022, the OID balance was $1.9 million, net of accumulated amortization of $3.6 million and was recorded as a reduction to the principal amount of the long-term debt outstanding as presented on the accompanying Condensed Consolidated Balance Sheets and will be amortized as a component of interest expense over the term of the Third Amended Term Loan Facility. Financing costs of $0.6 million incurred in connection with the Third Amended Term Loan Facility were expensed in accordance with ASC 470 – Debt and are included in other expenses in the accompanying Condensed Consolidated Statement of Operations at March 31, 2021. In accordance with ASU 2015-15 Interest—Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements, deferred financing fees of $0.5 million, net of accumulated amortization of $2.8 million, are presented as a reduction to the Third Amended Term Loan Facility outstanding at March 31, 2022 as presented on the accompanying Condensed Consolidated Balance Sheets, and will be amortized as a component of interest expense over the term of the Third Amended Term Loan Facility. An additional $0.6 million of deferred costs incurred on the Revolving Facility, in connection with the Third Amended Term Loan Facility, was recorded to prepaid and other current assets and other non-current assets in the accompanying Condensed Consolidated Balance Sheets and will be amortized on a straight-line basis through maturity on November 15, 2023. As of March 31, 2022, deferred costs for the Revolving Facility were $0.4 million, net of accumulated amortization of $0.2 million. ​ The carrying value of the long-term debt approximates fair value at March 31, 2022 and December 31, 2021, and was derived from quoted market prices by independent dealers (Level 2 in the fair value hierarchy under ASC 820, Fair Value Measurements and Disclosures amounts in thousands ​ ​ ​ ​ ​ Year Ending December 31, Amount Remainder of 2022 ​ $ 1,992 2023 ​ 2,656 2024 ​ 246,976 Total ​ $ 251,624 ​

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments
Derivative Instruments	Note 8. Derivative Instruments ​ We use derivative financial instruments in the management of our interest rate exposure. Our strategy is to eliminate the cash flow risk on a portion of the variable rate debt caused by changes in the designated benchmark interest rate, LIBOR. The Company does not enter into or hold derivative financial instruments for speculative trading purposes. ​ On May 4, 2017, we entered into two identical pay-fixed, receive-variable, interest rate swaps with two different counterparties, to hedge the variability in the LIBOR interest payments on an aggregate notional value of $100.0 million of our Senior Notes, through the expiration of the swaps on March 31, 2022. At inception, these interest rate swaps were designated as cash flow hedges of interest rate risk, and as such, the unrealized changes in fair value are recorded in accumulated other comprehensive income (“AOCI”). ​ The change in the fair value of the interest rate swap agreements for the three months ended March 31, 2022, resulted in an unrealized gain of $0.4 million, and was included in OCI net of taxes. The change in the fair value of the interest rate swap agreements for the three months ended March 31, 2021, resulted in an unrealized gain of $0.4 million, and was included in AOCI net of taxes. The Company paid $0.4 million of net interest on the settlement of the interest rate swap agreements for each of the three months ended March 31, 2022 and 2021. As a result of the expiration of the interest rate swaps, as of March 31, 2022, no gain or loss was recorded in operations for the three months ended March 31, 2022. No gain or loss was recorded in operations for the three months ended March 31, 2021. ​ As a result of the expiration of the interest rate swaps, as of March 31, 2022, the aggregate fair value of the interest rate swaps was $0 million. The aggregate fair value of the interest rate swaps was $0.4 million as of December 31, 2021 and was recorded in other long-term liabilities on the accompanying Condensed Consolidated Balance Sheets. ​ By entering into derivative instrument contracts, we are exposed to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We attempt to minimize this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty. Our derivative instruments do not contain any credit-risk related contingent features.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Fair Value Measurements	Note 9. Fair Value Measurements ​ Our derivatives are valued using a discounted cash flow analysis that incorporates observable market parameters, such as interest rate yield curves, classified as Level 2 within the valuation hierarchy. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by us or the counterparty. ​ The following table presents our assets and liabilities measured at fair value on a recurring basis and the levels of inputs used to measure fair value, which include derivatives designated as cash flow hedging instruments, as well as their location on our accompanying Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ ​ ​ ​ March 31, 2022 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: ​ ​ ​ Interest rate swap ​ Other long-term liabilities — ​ ​ — — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ ​ ​ ​ December 31, 2021 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap ​ Other long-term liabilities — ​ $ 439 — ​ $ 439 ​ Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to periodic impairment tests. These items primarily include long-lived assets, goodwill, other intangible assets, and equity method investments. ​ The carrying amounts of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of these items. The carrying value of the long-term debt approximates fair value because this instrument bears interest at a variable rate, is pre-payable, and is at terms currently available to the Company.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity
Stockholders' Equity	Note 10. Stockholders’ Equity ​ Capital stock ​ As of March 31, 2022, the Company had 20,680,326 shares of Class A common stock, and 19,720,381 shares of Class B common stock, issued and outstanding. ​ Equity incentive plans ​ Effective May 25, 2021, the stockholders of all classes of capital stock of the Company approved at the annual stockholder meeting the Hemisphere Media Group, Inc. Amended and Restated 2013 Equity Incentive Plan (the “Equity Incentive Plan”) to increase the number of shares of Class A common stock that may be delivered under the Equity Incentive Plan to an aggregate of 10.2 million shares of our Class A common stock. At March 31, 2022, 3.0 million shares remained available for issuance of stock options or other stock based awards under our Equity Incentive Plan (including shares of restricted Class A common stock surrendered to the Company in payment of taxes required to be withheld in respect of vested shares of restricted Class A common stock, which are available for re-issuance). The expiration date of the Equity Incentive Plan, on and after which date no awards may be granted, is April 4, 2023. The Company’s Board of Directors, or a committee thereof, administers the Equity Incentive Plan and has the sole and plenary authority to, among other things: (i) designate participants; (ii) determine the type, size, and terms and conditions of awards to be granted; and (iii) determine the method by which an award may be settled, exercised, canceled, forfeited or suspended. ​ The Company’s time-based restricted stock awards and option awards generally vest in three equal annual installments beginning on the first anniversary of the grant date, subject to the grantee’s continued employment or service with the Company. The Company’s performance-based restricted stock awards and option awards vest based on the achievement of certain non-market-based performance metrics of the Company, subject to the grantee’s continued employment or service with the Company. The event based restricted stock awards granted to certain members of our Board vest on the day preceding the Company’s annual shareholder meeting. ​ Stock-based compensation ​ Stock-based compensation expense relates to both stock options and restricted stock. Stock-based compensation expense was $1.4 million and $1.3 million for the three months ended March 31, 2022 and 2021. At March 31, 2022, there was $2.3 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.1 years. At March 31, 2022, there was $3.3 million of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted-average period of 2.2 years. ​ Stock options ​ The fair value of stock options granted is estimated at the date of grant using the Black-Scholes pricing model for time-based options and performance-based options. The expected term of options granted is derived using the simplified method under ASC 718 10 S99 1/SEC Topic 14.D for “plain vanilla” options. As of January 1, 2022, the Company determined that it had sufficient trading history to provide a reliable measure of expected volatility. As a result, the Company transitioned from peer group volatility to the Company’s historical volatility as a basis for expected volatility. The risk free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. As of January 1, 2022, the Company determined that it had sufficient historical data to utilize its own forfeiture rate. As a result, the Company transitioned from an estimated forfeiture rate of 1.5% to a historical forfeiture rate of 2.6%. The Company has assumed no dividend yield, as dividends have never been paid to stock or option holders and will not be paid for the foreseeable future. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Year Ended ​ Black-Scholes Option Valuation Assumptions March 31, 2022 December 31, 2021 ​ Risk-free interest rate ​ 1.93 % ​ 0.94% – 1.29 % Dividend yield ​ — ​ ​ — ​ Volatility ​ 40.4 % ​ 37.3% – 40.7 % Weighted-average expected term (years) ​ 6.0 ​ ​ 6.0 ​ ​ The following table summarizes stock option activity for the three months ended March 31, 2022 (number of shares and intrinsic value in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ ​ ​ Weighted- ​ remaining ​ Aggregate ​ ​ Number of ​ average exercise ​ contractual ​ intrinsic ​ shares price term value Outstanding at December 31, 2021 ​ 4,445 ​ $ 11.69 ​ 4.8 ​ $ — Granted ​ 105 ​ ​ 5.44 ​ 6.0 ​ ​ — Exercised ​ — ​ ​ — ​ — ​ ​ — Forfeited ​ (182) ​ ​ 11.55 ​ — ​ ​ — Expired ​ (8) ​ ​ 10.39 ​ — ​ ​ — Outstanding at March 31, 2022 ​ 4,360 ​ $ 11.55 ​ 4.6 ​ $ — Vested at March 31, 2022 ​ 3,440 ​ $ 11.65 ​ 3.5 ​ $ — Exercisable at March 31, 2022 ​ 3,440 ​ $ 11.65 3.5 ​ $ — ​ The weighted average grant date fair value of options granted for the three months ended March 31, 2022 was $2.26. At March 31, 2022, 0.3 million options granted and included in the table above are unvested performance-based options. ​ Restricted stock ​ Certain employees and directors have been awarded restricted stock under the Equity Incentive Plan. The time-based restricted stock grants vest primarily over a period of three years. Performance-based restricted stock grants vest over a period of three years upon satisfaction of the performance condition. ​ The following table summarizes restricted share activity for the three months ended March 31, 2022 ( shares in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted-average ​ shares grant date fair value Outstanding at December 31, 2021 ​ 614 ​ $ 11.79 Granted ​ 135 ​ ​ 5.44 Vested ​ (80) ​ ​ 11.53 Forfeited ​ (59) ​ ​ 12.00 Outstanding at March 31, 2022 ​ 610 ​ $ 10.40 ​ Non-controlling interest ​ Effective July 15, 2021, the Company entered into an omnibus modification agreement with Snap Distribution, Inc., a British Virgin Islands company, pursuant to which Snap Distribution, Inc. relinquished the non-controlling 25% interest in Snap Media, at which point Snap Media became a wholly owned subsidiary of the Company. The Company recorded the relinquishment of this non-controlling interest by Snap Distribution, Inc. as a transaction between shareholders with no gain or loss reported.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Contingencies
Contingencies	Note 11. Contingencies ​ We are involved in various legal actions, generally related to our operations. Management believes, based on advice from legal counsel, that the outcomes of such legal actions will not adversely affect our financial condition.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases
Leases	Note 12. Leases ​ The Company is a lessee under leases for office space, land and equipment with third parties, all of which are accounted for as operating leases. These leases generally have an initial term of one ​ A summary of the classification of operating leases on our Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2022 ​ 2021 Operating lease right-of-use assets ​ ​ $ 1,973 ​ $ 1,281 Operating lease liability, current ​ (Other accrued expenses) ​ 747 ​ 538 Operating lease liability, non-current ​ (Other long-term liabilities) ​ $ 1,374 ​ $ 890 ​ Components of lease cost reflected in our Condensed Consolidated Statement of Operations for the three months ended March 31, 2022 and 2021 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Operating lease cost ​ $ 193 ​ $ 168 Short-term lease cost ​ 44 ​ 43 Total lease cost ​ $ 237 ​ $ 211 ​ A summary of weighted-average remaining lease term and weighted-average discount rate as of March 31, 2022: ​ ​ ​ ​ ​ Weighted-average remaining lease term 2.9 years Weighted average discount rate 5.6 % ​ Supplemental cash flow and other non-cash information for the three months ended March 31, 2022 and 2021 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Operating cash flows from operating leases ​ $ 193 ​ $ 160 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities ​ 864 ​ — ​ Future annual minimum lease commitments as of March 31, 2022 were as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ March 31, 2022 Remainder of 2022 ​ $ 643 2023 ​ 825 2024 ​ 549 2025 ​ 228 2026 ​ 58 Total minimum payments ​ $ 2,303 Less: amount representing interest ​ (182) Lease liability ​ $ 2,121 ​

Commitments

Commitments	3 Months Ended
	Mar. 31, 2022
Commitments
Commitments	Note 13. Commitments ​ The Company has other commitments, primarily related to programming, in addition to the various operating leases included in Note 12, “Leases” of Notes to Condensed Consolidated Financial Statements. ​ Future minimum payments as of March 31, 2022, are as follows (amounts in thousands) ​ ​ ​ ​ ​ ​ March 31, 2022 Remainder of 2022 ​ $ 37,605 2023 ​ 6,627 2024 ​ 4,724 2025 ​ 1,618 2026 and thereafter ​ 416 Total ​ $ 50,990 ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events
Subsequent Events	Note 14. Subsequent Events ​ On May 9, 2022, the Company entered into a definitive agreement to be acquired for $7.00 per share in cash by a subsidiary of Gato Investments LP (“Gato”), a portfolio investment of Searchlight Capital Partners, L.P. Upon completion of the transaction, Hemisphere will become a private company wholly owned by Gato. Concurrently, on May 9, 2022, the Company entered into an agreement to sell Pantaya, its Spanish language streaming platform, to TelevisaUnivision in exchange for $115 million in cash plus a promissory note in the amount of $10 million (the “Promissory Note”), subject to certain adjustments. In addition, on May 9, 2022, the Company entered into an agreement to purchase a subsidiary of TelevisaUnivision that holds certain Puerto Rican radio stations for million in cash, subject to certain adjustments (the parties have agreed that the Promissory Note will be set off in full satisfaction of the purchase price payable at the closing of the radio transaction). Each transaction is subject to customary closing conditions, including the Gato transaction being subject the completion of the Pantaya transaction, and each transaction is expected to close in the third quarter of 2022. The gain or loss on the transaction cannot be quantified at this time until the estimated fair value of all transaction components can be determined. ​

Nature of Business (Policies)

Nature of Business (Policies)	3 Months Ended
	Mar. 31, 2022
Nature of Business
Basis of presentation:	Basis of presentation:
Net (loss) income per common share:	Net (loss) income per common share: ​ The following table sets forth the computation of the common shares outstanding used in determining basic and diluted (loss) income per share attributable to Hemisphere Media Group, Inc. ( amounts in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Numerator for (loss) income per common share calculation: ​ ​ ​ ​ ​ ​ Net (loss) income attributable to Hemisphere Media Group, Inc. ​ $ (13,228) ​ $ 33,358 ​ ​ ​ ​ ​ ​ ​ Denominator for (loss) income per common share calculation: ​ ​ ​ ​ ​ ​ Weighted-average common shares, basic ​ 39,730 ​ 39,380 Effect of dilutive securities ​ ​ ​ ​ ​ ​ Stock options and restricted stock ​ — ​ 376 Weighted-average common shares, diluted ​ 39,730 ​ 39,756 ​ ​ ​ ​ ​ ​ ​ (Loss) income per share attributable to Hemisphere Media Group, Inc. ​ ​ ​ ​ ​ ​ Basic ​ $ (0.33) ​ $ 0.85 Diluted ​ $ (0.33) ​ $ 0.84 ​ We apply the treasury stock method to measure the dilutive effect of our outstanding stock options and restricted stock awards and include the respective common share equivalents in the denominator of our diluted loss per common share calculation. Per the Accounting Standards Codification (“ASC”) 260, under the treasury stock method, the incremental shares (difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted income per share computation (ASC 260-10-45-23). The assumed exercise only occurs when the options are “In the Money” (exercise price is lower than the average market price for the period). If the options are “Out of the Money” (exercise price is higher than the average market price for the period), the exercise is not assumed since the result would be anti-dilutive. Potentially dilutive securities representing 4.1 and 2.5 million shares of common stock for the three months ended March 31, 2022 and 2021, respectively, were excluded from the computation of diluted (loss) income per common share for this period because their effect would have been anti-dilutive. The net (loss) income per share attributable to Hemisphere Media Group, Inc. amounts are the same for our Class A and Class B common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. ​ As a result of the net loss for the three months ended March 31, 2022, 0.2 million outstanding awards were not included in the computation of diluted loss per share because their effect was anti-dilutive. ​
Use of estimates:	Use of estimates:
Accounting guidance not yet adopted:	Accounting guidance not yet adopted: ASU 2020-04-Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Nature of Business (Tables)

Nature of Business (Tables)	3 Months Ended
	Mar. 31, 2022
Nature of Business
Schedule of the computation of the common shares outstanding used in determining basic and diluted income (loss) per share	The following table sets forth the computation of the common shares outstanding used in determining basic and diluted (loss) income per share attributable to Hemisphere Media Group, Inc. ( amounts in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Numerator for (loss) income per common share calculation: ​ ​ ​ ​ ​ ​ Net (loss) income attributable to Hemisphere Media Group, Inc. ​ $ (13,228) ​ $ 33,358 ​ ​ ​ ​ ​ ​ ​ Denominator for (loss) income per common share calculation: ​ ​ ​ ​ ​ ​ Weighted-average common shares, basic ​ 39,730 ​ 39,380 Effect of dilutive securities ​ ​ ​ ​ ​ ​ Stock options and restricted stock ​ — ​ 376 Weighted-average common shares, diluted ​ 39,730 ​ 39,756 ​ ​ ​ ​ ​ ​ ​ (Loss) income per share attributable to Hemisphere Media Group, Inc. ​ ​ ​ ​ ​ ​ Basic ​ $ (0.33) ​ $ 0.85 Diluted ​ $ (0.33) ​ $ 0.84

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition
Schedule of disaggregation of revenue	The following table presents the revenues disaggregated by revenue source (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, Revenues by type 2022 2021 Subscriber revenue ​ $ 32,209 ​ $ 19,949 Advertising revenue ​ 15,970 ​ 15,906 Other revenue ​ 620 ​ 1,722 Total revenue ​ $ 48,799 ​ $ 37,577

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets
Schedule of goodwill and intangible assets	​ Goodwill and intangible assets consist of the following as of March 31, 2022 and December 31, 2021 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ December 31, ​ 2022 2021 Broadcast license ​ $ 41,356 ​ $ 41,356 Goodwill ​ 231,710 ​ 231,710 Other intangibles ​ 108,866 ​ 115,110 Total intangible assets ​ $ 381,932 ​ $ 388,176
Summary of the changes in goodwill and other indefinite lived intangible assets	A summary of changes in the Company’s goodwill and other indefinite-lived intangible assets, on a net basis, for the three months ended March 31, 2022 is as follows (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ December 31, 2021 Additions Impairment March 31, 2022 Broadcast license ​ $ 41,356 ​ $ — ​ $ — ​ $ 41,356 Goodwill ​ 231,710 ​ — ​ — ​ 231,710 Brands ​ ​ 15,986 ​ ​ — ​ ​ — ​ ​ 15,986 Other intangibles ​ 700 ​ — ​ — ​ 700 Total indefinite-lived intangibles ​ $ 289,752 ​ $ — ​ $ — ​ $ 289,752
Summary of the changes in finite lived intangible assets	A summary of the changes in the Company’s other amortizable intangible assets for the three months ended March 31,2022 is as follows (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ December 31, 2021 Additions Amortization March 31, 2022 Affiliate and customer relationships ​ $ 50,681 ​ $ — ​ $ (4,189) ​ $ 46,492 Programming rights ​ ​ 24,981 ​ ​ — ​ ​ (1,614) ​ ​ 23,367 Brands ​ ​ 22,762 ​ ​ 174 ​ ​ (615) ​ ​ 22,321 Total finite-lived intangibles ​ $ 98,424 ​ $ 174 ​ $ (6,418) ​ $ 92,180 ​
Schedule of future estimated amortization expense	Future estimated amortization expense is as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Ending December 31, Amount Remainder of 2022 ​ $ 14,972 2023 ​ 19,977 2024 ​ 19,977 2025 ​ ​ 12,546 2026 and thereafter ​ 24,708 Total ​ $ 92,180

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments
Schedule of financial data of equity method investments	The Company records the income or loss on investments on a one quarter lag. Summary unaudited financial data for our equity investments in the aggregate as of and for the three months ended December 31, 2021, are included below (amounts in thousands): ​ ​ ​ ​ ​ ​ Total Equity Investees Current assets ​ $ 13,806 Non-current assets ​ $ 20,595 Current liabilities ​ $ 76,961 Non-current liabilities ​ $ 4,192 Net revenue ​ $ 2,991 Operating loss ​ $ (2,435) Net loss ​ $ (10,903)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Long-Term Debt
Schedule of long-term debt	Long-term debt as of March 31, 2022 and December 31, 2021 consists of the following (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Senior Notes due February 2024 ​ $ 249,231 ​ $ 249,575 Less: Current portion ​ 2,656 ​ 2,656 ​ ​ $ 246,575 ​ $ 246,919
Schedule of maturities of long-term debt	​ ​ ​ ​ ​ Year Ending December 31, Amount Remainder of 2022 ​ $ 1,992 2023 ​ 2,656 2024 ​ 246,976 Total ​ $ 251,624

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Schedule of assets and liabilities that are measured at fair value on a recurring basis	​ The following table presents our assets and liabilities measured at fair value on a recurring basis and the levels of inputs used to measure fair value, which include derivatives designated as cash flow hedging instruments, as well as their location on our accompanying Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ ​ ​ ​ March 31, 2022 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: ​ ​ ​ Interest rate swap ​ Other long-term liabilities — ​ ​ — — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ ​ ​ ​ December 31, 2021 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap ​ Other long-term liabilities — ​ $ 439 — ​ $ 439 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity
Summary of stock option activity	The following table summarizes stock option activity for the three months ended March 31, 2022 (number of shares and intrinsic value in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ ​ ​ Weighted- ​ remaining ​ Aggregate ​ ​ Number of ​ average exercise ​ contractual ​ intrinsic ​ shares price term value Outstanding at December 31, 2021 ​ 4,445 ​ $ 11.69 ​ 4.8 ​ $ — Granted ​ 105 ​ ​ 5.44 ​ 6.0 ​ ​ — Exercised ​ — ​ ​ — ​ — ​ ​ — Forfeited ​ (182) ​ ​ 11.55 ​ — ​ ​ — Expired ​ (8) ​ ​ 10.39 ​ — ​ ​ — Outstanding at March 31, 2022 ​ 4,360 ​ $ 11.55 ​ 4.6 ​ $ — Vested at March 31, 2022 ​ 3,440 ​ $ 11.65 ​ 3.5 ​ $ — Exercisable at March 31, 2022 ​ 3,440 ​ $ 11.65 3.5 ​ $ —
Summary of restricted share activity	The following table summarizes restricted share activity for the three months ended March 31, 2022 ( shares in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted-average ​ shares grant date fair value Outstanding at December 31, 2021 ​ 614 ​ $ 11.79 Granted ​ 135 ​ ​ 5.44 Vested ​ (80) ​ ​ 11.53 Forfeited ​ (59) ​ ​ 12.00 Outstanding at March 31, 2022 ​ 610 ​ $ 10.40
Time Based Restricted Stock and Stock Option | Black Scholes Pricing Model
Stockholders' Equity
Schedule of valuation assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Year Ended ​ Black-Scholes Option Valuation Assumptions March 31, 2022 December 31, 2021 ​ Risk-free interest rate ​ 1.93 % ​ 0.94% – 1.29 % Dividend yield ​ — ​ ​ — ​ Volatility ​ 40.4 % ​ 37.3% – 40.7 % Weighted-average expected term (years) ​ 6.0 ​ ​ 6.0 ​ ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases
Summary of the classification of operating leases	A summary of the classification of operating leases on our Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2022 ​ 2021 Operating lease right-of-use assets ​ ​ $ 1,973 ​ $ 1,281 Operating lease liability, current ​ (Other accrued expenses) ​ 747 ​ 538 Operating lease liability, non-current ​ (Other long-term liabilities) ​ $ 1,374 ​ $ 890
Schedule of components of lease cost	Components of lease cost reflected in our Condensed Consolidated Statement of Operations for the three months ended March 31, 2022 and 2021 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Operating lease cost ​ $ 193 ​ $ 168 Short-term lease cost ​ 44 ​ 43 Total lease cost ​ $ 237 ​ $ 211 ​
Schedule of lease term and discount rate	A summary of weighted-average remaining lease term and weighted-average discount rate as of March 31, 2022: ​ ​ ​ ​ ​ Weighted-average remaining lease term 2.9 years Weighted average discount rate 5.6 % ​
Schedule of supplemental cash flow and other non-cash information	Supplemental cash flow and other non-cash information for the three months ended March 31, 2022 and 2021 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Operating cash flows from operating leases ​ $ 193 ​ $ 160 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities ​ 864 ​ — ​
Schedule of future annual minimum lease commitments	Future annual minimum lease commitments as of March 31, 2022 were as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ March 31, 2022 Remainder of 2022 ​ $ 643 2023 ​ 825 2024 ​ 549 2025 ​ 228 2026 ​ 58 Total minimum payments ​ $ 2,303 Less: amount representing interest ​ (182) Lease liability ​ $ 2,121

Commitments (Tables)

Commitments (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments
Schedule of future minimum payments for other commitments, primarily programming	Future minimum payments as of March 31, 2022, are as follows (amounts in thousands) ​ ​ ​ ​ ​ ​ March 31, 2022 Remainder of 2022 ​ $ 37,605 2023 ​ 6,627 2024 ​ 4,724 2025 ​ 1,618 2026 and thereafter ​ 416 Total ​ $ 50,990

Nature of Business (Details)

Nature of Business (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jul. 15, 2021
Nature of business
Re-measurement gain		$ 30,100
Numerator for (loss) income per common share calculation:
Net (loss) income attributable to Hemisphere Media Group, Inc.	$ (13,228)	$ 33,358
Denominator for (loss) income per common share calculation:
Weighted-average common shares, basic	39,730	39,380
Effect of dilutive securities
Stock options and restricted stock		376
Weighted-average common shares, diluted	39,730	39,756
(Loss) income per share attributable to Hemisphere Media Group, Inc.
Basic	$ (0.33)	$ 0.85
Diluted	$ (0.33)	$ 0.84
Shares excluded from the computation of diluted income (loss) per common share	4,100,000	2,500,000
Outstanding common stock awards excluded from computation of diluted loss per share	200,000
Snap Global. LLC
Nature of business
Percentage of minority interest relinquished			25.00%
PANTAYA
Nature of business
Equity interest owned prior to transaction (in percent)		25.00%
Purchase price		$ 123,600
Equity interest acquired (as a percent)		75.00%
Re-measurement gain		$ 30,100

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues
Total revenue	$ 48,799	$ 37,577
Deferred revenue	8,035		$ 7,400
Revenue included in deferred revenue	2,800
Subscriber revenue
Revenues
Total revenue	$ 32,209	19,949
Subscriber revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-31
Revenues
Revenue, remaining performance obligation, expected timing of satisfaction, period	60 days
Advertising revenue
Revenues
Total revenue	$ 15,970	15,906
Advertising revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-31
Revenues
Revenue, remaining performance obligation, expected timing of satisfaction, period	30 days
Other revenue
Revenues
Total revenue	$ 620	$ 1,722

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Related party transactions
Remaining commitment	$ 50,990
TelevisaUnivision
Related party transactions
Total expense	0	$ 0
Due to related parties	0		$ 0
Revenue recognized from related party	0	0
Due from related parties	$ 900		0
MVS Multivision Digital Sde RLde CV and Affiliates | Satellite and Support Services Agreement | Cinelatino
Related party transactions
Number of channel feeds delivered through satellite | item	2
Total expense	$ 600	600
Due to related parties	900		400
MVS Multivision Digital Sde RLde CV and Affiliates | Affiliation Agreement
Related party transactions
Revenue recognized from related party	200	300
Due from related parties	200		100
MVS Multivision Digital Sde RLde CV and Affiliates | Master License Agreement | Cinelatino
Related party transactions
Revenue recognized from related party	100	200
Due from related parties	$ 100		0
Distribution fee as a percentage of revenue earned	13.50%
Director | Consulting Agreement with Director
Related party transactions
Total expense	$ 100	100
Due to related parties	0		0
TelevisaUnivision, Inc. | Advertising Purchase Agreement | PANTAYA
Related party transactions
Total expense	0	$ 0
Due to related parties	0		100
Remaining commitment	4,000
Videocine, S.A. de C.V. | Content Output Agreements | PANTAYA
Related party transactions
Due to related parties	1,200		900
Due from related parties	300		600
Deferred revenue	$ 2,500		$ 2,500

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets
Broadcast licenses	$ 41,356	$ 41,356
Goodwill	231,710	231,710
Other intangibles	108,866	115,110
Total indefinite-lived intangibles	$ 381,932	$ 388,176

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Indefinite Lived Net Balance (Details) $ in Thousands	Mar. 31, 2022USD ($)
Changes in goodwill
Net balance at the beginning of the period	$ 231,710
Net balance at the end of the period	231,710
Changes in goodwill and other indefinite lived intangible assets, on a net basis
Net balance at the beginning of the period	289,752
Net balance at the end of the period	289,752
Licensing Agreements
Changes in other indefinite-lived intangible assets
Net balance at the beginning of the period	41,356
Net balance at the end of the period	41,356
Goodwill
Changes in goodwill
Net balance at the beginning of the period	231,710
Net balance at the end of the period	231,710
Brands
Changes in other indefinite-lived intangible assets
Net balance at the beginning of the period	15,986
Net balance at the end of the period	15,986
Other intangibles
Changes in other indefinite-lived intangible assets
Net balance at the beginning of the period	700
Net balance at the end of the period	$ 700

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Other Amortizable Intangible (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in other amortizable intangible assets
Net balance at the beginning of the period	$ 98,424
Additions	174
Amortization	(6,418)	$ (1,600)
Net balance at the end of the period	92,180
Affiliate and customer relationships
Changes in other amortizable intangible assets
Net balance at the beginning of the period	50,681
Amortization	(4,189)
Net balance at the end of the period	46,492
Programming rights
Changes in other amortizable intangible assets
Net balance at the beginning of the period	24,981
Amortization	(1,614)
Net balance at the end of the period	23,367
Brands
Changes in other amortizable intangible assets
Net balance at the beginning of the period	22,762
Additions	174
Amortization	(615)
Net balance at the end of the period	$ 22,321

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Amortizable intangible assets
Amortization of finite-lived intangible assets	$ 6,418	$ 1,600
Future estimated amortization expense
Remainder of 2022	14,972
2023	19,977
2024	19,977
2025	12,546
2026 and thereafter	24,708
Total	$ 92,180		$ 98,424
Weighted Average
Amortizable intangible assets
Remaining amortization period	5 years 10 months 24 days

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($)	Apr. 28, 2017	Nov. 30, 2016	Mar. 31, 2020	Jul. 31, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jul. 15, 2021	Nov. 26, 2018	Feb. 07, 2018	Feb. 06, 2018
Equity method investments
Equity method investments					$ 19,655,000		$ 24,171,000
Income (loss) on equity method investments					4,772,000	$ (32,609,000)
Other assets					7,445,000		7,410,000
Canal 1
Equity method investments
Equity method investments					126,600,000
Income (loss) on equity method investments					$ 4,800,000	2,500,000
Percentage of losses recorded					100.00%
Net equity method investments					$ 19,700,000		24,200,000
Other assets					$ 2,600,000		2,600,000
Colombian content producers, Radio television and NTC Nacional | Television broadcast license
Equity method investments
Ownership Percentage										40.00%	20.00%
License life (in years)		10 years			20 years
Additional consideration for the extended license period				$ 0
Additional renewable period for license (in years)				10 years
REMEZCLA
Equity method investments
Net equity method investments					$ 0		0
Total consideration	$ 5,000,000
Non-cash impairment charge			$ 5,500,000
Snap JV
Equity method investments
Equity method investments					400,000
Income (loss) on equity method investments					$ 0	$ 0	$ 0
Snap Global. LLC
Equity method investments
Ownership Percentage								100.00%
REMEZCLA
Equity method investments
Equity interest acquired (as a percent)	25.50%
Snap JV | Snap Global. LLC
Equity method investments
Equity interest acquired (as a percent)									50.00%
PANTAYA
Equity method investments
Equity interest owned prior to transaction (in percent)						25.00%
Equity interest acquired (as a percent)						75.00%
Reportable Legal Entities | Snap Global. LLC
Equity method investments
Ownership Percentage								100.00%

Equity Method Investments - Sum

Equity Method Investments - Summarized unaudited financial data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Summary financial information of equity method investments
Current assets	$ 117,250	$ 126,364
Current liabilities	74,177	73,271
Net revenues	48,799		$ 37,577
Operating loss	(5,685)		5,066
Net loss	$ (13,228)		$ 33,381
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Summary financial information of equity method investments
Current assets		13,806
Non-current assets		20,595
Current liabilities		76,961
Non-current liabilities		4,192
Net revenues		2,991
Operating loss		(2,435)
Net loss		$ (10,903)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2018	Dec. 31, 2017
Effective tax rates reconciliation
Statutory federal income tax rate (as a percent)	21.00%	21.00%	21.00%	35.00%
Annual income tax rate (as a percent)		47.20%
Annual effective rate relates to the required valuation allowance (as a percent)		47.20%
Re-measurement gain		$ 30,100
Income tax expense (benefit)	$ (393)	$ 1,268
Foreign Tax Authority | Foreign Tax Credits
Effective tax rates reconciliation
Annual effective rate relates to the required valuation allowance (as a percent)		15.40%
U.S.
Effective tax rates reconciliation
Annual income tax rate (as a percent)		31.80%
PANTAYA
Effective tax rates reconciliation
Re-measurement gain		$ 30,100
PUERTO RICO | Foreign Tax Credits
Effective tax rates reconciliation
Annual effective rate relates to the required valuation allowance (as a percent)	37.50%
PUERTO RICO | U.S.
Effective tax rates reconciliation
Annual income tax rate (as a percent)	25.50%
Jurisdictions Other Than Puerto Rico | U.S.
Effective tax rates reconciliation
Discrete estimated annual effective income tax rate percent	8.60%

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands, $ in Millions	Feb. 14, 2017USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022COP ($)	Dec. 31, 2021USD ($)
Long-term debt
Less: Current portion		$ 2,656			$ 2,656
Long-term debt less current portion		246,575			246,919
Maturities of long-term debt
Remainder of 2022		1,992
2023		2,656
2024		246,976
Total		251,624
Senior Notes due February 2024
Long-term debt
Long-term Debt		249,231			$ 249,575
Second Amended Term Loan Facility
Long-term debt
Face amount of debt	$ 213,300
Second Amended Term Loan Facility | London Interbank Offered Rate (LIBOR)
Long-term debt
Interest rate margin (as a percent)	3.50%
Second Amended Term Loan Facility | Base Rate [Member]
Long-term debt
Interest rate margin (as a percent)	2.50%
Third Amended Term Loan Facility
Long-term debt
Financing costs		$ 600
Aggregate principal amount			$ 50,000
Amortization payments (in percentage)		1.00%
Maximum period after each fiscal year for prepayment of debt		90 days
Prepayment of debt as a percentage of excess cash flow		50.00%
First prepayment of debt as a percentage of excess cash flow, if lower leverage ratio is maintained		25.00%
Second prepayment of debt as a percentage of excess cash flow, if lower leverage ratio is maintained		0.00%
Original issue discount		$ 1,900
Additional OID incurred		2,000
Accumulated amortization of original issue discount		3,600
Deferred financing costs		500
Accumulated amortization		$ 2,800
Third Amended Term Loan Facility | Maximum
Long-term debt
Net leverage ratio		5		5
Third Amended Term Loan Facility | London Interbank Offered Rate (LIBOR)
Long-term debt
Interest rate margin (as a percent)			3.50%
Third Amended Term Loan Facility | Base Rate [Member]
Long-term debt
Interest rate margin (as a percent)			2.50%
Third Amended Term Loan facility, Revolving Facility
Long-term debt
Face amount of debt		$ 30,000
Undrawn letters of credit				$ 5
Maximum percentage of aggregate amount of revolving loans and letter of credit exposure		35.00%
Deferred financing costs incurred		$ 600
Deferred financing costs		400
Accumulated amortization		200
Third Amended Term Loan facility, Revolving Facility | First Lien Net Leverage Ratio
Long-term debt
Debt caps amount		$ 60,000
Third Amended Term Loan facility, Revolving Facility | 25 bps step-up at a First Lien Net Leverage Ratio
Long-term debt
Interest rate margin (as a percent)		25.00%
Net leverage ratio		3.50		3.50
Third Amended Term Loan facility, Revolving Facility | First 25 bps step-down on First Lien Net Leverage Ratio
Long-term debt
Net leverage ratio		2.50		2.50
Third Amended Term Loan facility, Revolving Facility | Second 25 bps step-down on First Lien Net Leverage Ratio
Long-term debt
Net leverage ratio		1.50		1.50
Third Amended Term Loan facility, Revolving Facility | London Interbank Offered Rate (LIBOR)
Long-term debt
Interest rate margin (as a percent)		2.75%
Third Amended Term Loan facility, Revolving Facility | London Interbank Offered Rate (LIBOR) | Minimum
Long-term debt
Interest rate floor (as a percent)		0.00%		0.00%
Third Amended Term Loan facility, Revolving Facility | Base Rate [Member]
Long-term debt
Interest rate margin (as a percent)		1.75%
Annual commitment fee (as a percent)		37.50%
Senior Secured Term Loan B Facility
Long-term debt
Original issue discount			4.00%

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	May 04, 2017
Derivative
Unrealized gain (loss) due to change in fair value	$ 0.4	$ 0.4
Loss or gain in fair value	0	0
Interest Rate Swap
Derivative
Net interest income (expense)	(0.4)	$ (0.4)
Derivative liability - Interest rate swap	$ 0		$ 0.4
London Interbank Offered Rate (LIBOR) | Non designated | Interest Rate Swap
Derivative
Notional amount				$ 100

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Cash flow hedges - Other long-term liabilities - Fair value, Recurring $ in Thousands	Dec. 31, 2021USD ($)
Fair Value Measurements
Derivative liability - Interest rate swap	$ 439
Level 2
Fair Value Measurements
Derivative liability - Interest rate swap	$ 439

Stockholders' Equity - Capital

Stockholders' Equity - Capital Stock (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Common Class B
Capital Stock
Common stock, shares issued	19,720,381	19,720,381
Common stock, shares outstanding	19,720,381
Common stock, par value	$ 0.0001	$ 0.0001
Common Class A
Capital Stock
Common stock, shares issued excluding treasury shares	20,680,326
Common stock, shares issued	26,080,062	25,999,998
Common stock, par value	$ 0.0001	$ 0.0001

Stockholders' Equity - Other (D

Stockholders' Equity - Other (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)item$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2021$ / sharesshares	Jan. 01, 2022	May 25, 2021shares
Stockholders' Equity
Shares available for issuance	3,000
Stock-based compensation
Stock-based compensation expense (in dollars) | $	$ 1.4	$ 1.3
Estimated forfeitures (as a percent)				1.50%
Historical forfeitures (as a percent)				2.60%
Restricted Stock
Stock-based compensation
Unrecognized compensation cost related to unvested restricted stock (in dollars) | $	$ 3.3
Weighted-average periods over which unrecognized compensation cost recognized	2 years 2 months 12 days
Number of shares
Outstanding at the beginning of the period (in shares)	614
Granted (in shares)	135
Vested (in shares)	(80)
Forfeited (in shares)	(59)
Outstanding at the end of the period (in shares)	610		614
Weighted-average grant date fair value
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 11.79
Granted (in dollars per share) | $ / shares	5.44
Vested (in dollars per share) | $ / shares	11.53
Forfeited (in dollars per share) | $ / shares	12
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 10.40		$ 11.79
Employee Stock Options
Stock-based compensation
Unrecognized compensation cost related to unvested stock options (in dollars) | $	$ 2.3
Weighted-average periods over which unrecognized compensation cost recognized	2 years 1 month 6 days
Number of shares
Outstanding at the beginning of the period (in shares)	4,445
Granted (in shares)	105
Forfeited (in shares)	(182)
Expired (in shares)	(8)
Outstanding at the end of the period (in shares)	4,360		4,445
Vested at the end of the period (in shares)	3,440
Exercisable at the end of the period (in shares)	3,440
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 11.69
Granted (in dollars per share) | $ / shares	5.44
Forfeited (in dollars per share) | $ / shares	11.55
Expired (in dollars per share) | $ / shares	10.39
Outstanding at the end of the period (in dollars per share) | $ / shares	11.55		$ 11.69
Vested at the end of the period (in dollars per share) | $ / shares	11.65
Exercisable at the end of the period (in dollars per share) | $ / shares	$ 11.65
Weighted-average remaining contractual term
Outstanding	4 years 7 months 6 days		4 years 9 months 18 days
Granted	6 years
Vested at the end of the period	3 years 6 months
Exercisable at the end of the period	3 years 6 months
Weighted-average grant date fair value of options granted (in dollars per share) | $ / shares	$ 2.26
Performance-based Stock Option
Number of shares
Unvested options	300
Performance-based Restricted Stock
Weighted-average remaining contractual term
Vesting period	3 years
Time Based Restricted Stock and Stock Option
Stockholders' Equity
Number of equal annual installments for vesting of awards | item	3
Time Based Restricted Stock and Stock Option | Black Scholes Pricing Model
Valuation assumptions
Risk-free interest rate (as a percent)	1.93%
Volatility (as a percent)	40.40%
Weighted-average expected term (years)	6 years		6 years
Time Based Restricted Stock and Stock Option | Minimum | Black Scholes Pricing Model
Valuation assumptions
Risk-free interest rate (as a percent)			0.94%
Volatility (as a percent)			37.30%
Time Based Restricted Stock and Stock Option | Maximum | Black Scholes Pricing Model
Valuation assumptions
Risk-free interest rate (as a percent)			1.29%
Volatility (as a percent)			40.70%
Time Based Restricted Stock
Weighted-average remaining contractual term
Vesting period	3 years
Common Class A
Stockholders' Equity
Shares authorized for issuance					10,200

Stockholders' Equity - Non-cont

Stockholders' Equity - Non-controlling interest (Details)	Jul. 15, 2021
Snap Global. LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of minority interest relinquished	25.00%

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Leases
Total lease cost	$ 237	$ 211
Classification of operating leases
Operating lease right-of-use assets	1,973		$ 1,281
Operating lease liability, current	747		538
Operating lease liability, non-current	$ 1,374		$ 890
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Lease cost
Operating lease cost	$ 193	168
Short-term lease cost	44	43
Total lease cost	$ 237	211
Lease Term and Discount Rate
Weighted-average remaining lease term	2 years 10 months 24 days
Weighted average discount rate	5.60%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 193	$ 160
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 864
Minimum
Leases
Initial lease term	1 year
Maximum
Leases
Initial lease term	7 years

Leases - Maturity Analysis (Det

Leases - Maturity Analysis (Details) $ in Thousands	Mar. 31, 2022USD ($)
Future minimum lease commitments
Remainder of 2022	$ 643
2023	825
2024	549
2025	228
2026	58
Total minimum payments	2,303
Less: amount representing interest	(182)
Lease liability	$ 2,121

Commitments (Details)

Commitments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Future minimum payments for other commitments
Remainder of 2022	$ 37,605
2023	6,627
2024	4,724
2025	1,618
2026 and thereafter	416
Total	$ 50,990

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	May 09, 2022	Mar. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Cash		$ 37,329	$ 49,477
Subsequent Event | Gato Investments LP
Subsequent Event [Line Items]
Share Price	$ 7
Subsequent Event | TelevisaUnivision
Subsequent Event [Line Items]
Cash	$ 115,000
Subsequent Event | TelevisaUnivision | Promissory Note
Subsequent Event [Line Items]
Cash	10,000
Debt cash plus amount	$ 10,000